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This is EXACTLY what my congressman said about it: On Monday, I joined 227 of my colleagues and voted against the Emergency Economic Stabilization Act of 2008 (H.R. 3997). This bill resulted from a series of negotiations that started after the Secretary of Treasury requested $700 billion to purchase illiquid assets from financial institutions. As your Congressman, it is my responsibility to uphold the Constitution and represent the will of Kentuckians in the Fourth District. After weighing the final proposal and its potential ramifications carefully, I was not convinced that a $700 billion taxpayer-funded government purchase program would be the right way to help the economy. Nor was I convinced that it would deliver as promised by Treasury Secretary Hank Paulson. This legislation was not in the best interests of my constituency or the overall financial well-being of our nation. Years of policies that encouraged an over-extension of credit and irresponsible lending practices began during the Clinton Administration and combined with a number of other factors to cause our markets to stall. My concern is that even $700 billion cannot undo the damage that has been done and may only delay the inevitable market corrections. Like you, I am frustrated that our economy has reached this point at all. Although this crisis is the culmination of years of bad lending practices and greed on Wall Street, I am particularly troubled by Secretary Paulson’s repeated assurances at House Financial Services Committee hearings that everything was okay. Had Secretary Paulson been upfront with Congress and the American people, we could have begun the process of examining our options for resolving this problem in a deliberate, free market manner before a full blown crisis emerged. With the failure of H.R. 3997 on Monday, we now have the opportunity to evaluate alternative solutions to our economic crisis. Economists and Republicans offered many suggestions, but very few were given proper or thorough consideration. Suspension of market-to-market accounting principles, temporary suspension of taxes on capital gains, an insurance program for mortgage-backed securities, and increased help for homeowners were some of the many ideas suggested during the last week. The FBI has launched investigations into Lehman Brothers, Fannie Mae, Freddie Mac and AIG. It is essential that the solution is crafted so that it does not reward those responsible for getting us into this mess in the first place. We have learned many times before that legislating in a crisis results in unintended consequences. Congress will return to Washington this Thursday to reassess this situation. We must examine alternatives that would provide greater protections to Americans in the heartland. It is now essential that Congress come together and put politics aside. This is the biggest financial crisis since the 1930s, and it is crucial that we take the time to find and implement the right solution. --------------------------------------... I agree with him 100%, and I'd say that he represents my district EXTREMELY well.
I was excited yesterday to see an e-mail from Kaye Bailey Hutchison (R TX) about the bailout. But as I started to read it, realized it was talking about the Feb. stimulus package! It was a response to a question I had submitted to her in MARCH, and was the standard form letter they had sent about that package. I was disappointed to say the least, and I know that although Maine is a big state, 7 months to answer an inquiry is a bit too much. I'm not sure if I will vote for her again, but I'll be sending another e-mail regarding the bailout and how they better start paying more attention to the voters. Her response about the stimulus package going to be such a big help, was proven so wrong. That Feb. 2008 stimulus also included help for Fannie & Freddie, and we all know how much good that did! People should really start getting on these representatives to actually listen to what the people have to say for a change! or they will be out!!!
Against. Maine At first I wasn't. I thought the bailout is the only thing that could save our economy. Yet, I posted my thoughts here on Y/A and was extremely surprised at the number of people who are against it, and MORE surprising, was that fact that they actually made sense. It isn't often that I am swayed by popular opinion, but I admit they did sway me. While I am still, personally afraid (I have a nice 401k, some investments and just today my mortgage bank [Wachovia] was bought out), I think we will recover.
For. Not hardly, and I will vote against him as I told him I would. Next email will be that I will actively seek out and campaign for an opponent (ANY opponent) in the next election if he votes for it when it comes back up on Thursday or whenever. Unfortunately, he doesn't really have competition this time, which doubtless factored into his calculations. Did you see that the Fed injected $600 billion of new credit yesterday DESPITE the vote? This is an unelected, untransparent body with private corporate shareholders, but WE foot their bills! Amazing.
Van Hollen voted Aye. He represents, among other places Chevy Chase and Bethesda, MD. Given that most people there are very well off and probably have substantial investments I understand his vote. As for me: how do I know? I elect these guys to make decisions that I am not knowledgeable on. If I knew what the ramifications of passing or not passing the bailout would have on the economy, I could say but I haven't the faintest notion. All of y'all that are either pleased or displeased, seriously do you have a degree in econ, or are you just spouting off?
Progressive Democrat who voted no. And yes I am pleased. Nobody in the private sector who committed criminal acts should be rewarded. This bill needs more work.
Mine voted for the bill. I have mixed emotions about the whole thing. I don't want to see the country go down the tubes, but I believe in restrictions, regulations and no golden parachutes for CEOs who screw up.
Democrat controlled Congress killed the bill to save the economy so that the economy wouldn't be saved before the Presidential election. Majority definition: the group or political party having the greater number of votes (as in a legislature) Webster's Dictionary
He voted yes. He's a retiring ranking GOP member of the house ways and means committee. No, not happy with him.
My representative vote NO on the bailout bill............I am pleased with her.